Focus on the disbursement of investment capital in basic construction

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By September 30, 2016, the accumulated capital for the disbursement of investment capital in basic construction through the State Treasury had reached 176,034.9 billion vnd. Photo: Thu Hang.

The disbursement of investment capital in basic construction reached 53.4% in the first 9 months of 2016

According to the State Treasury, 2016 is the year with many changes in mechanisms and policies related to financial management and the management of investment capital in basic construction in accordance with the Law on Investment and the Construction Law. Because some Ministries and localities have not actively managed operations in the policies, the progress of disbursement of investment capital from the State budget has been quite slow.

According to statistics from the State Treasury, by the end of the first 6 months of 2016, the accumulated capital for the disbursement of investment capital in basic construction had reached more than 91,390 billion vnd. This figure only accounts for 29.4% of the capital plan in 2016 which the Government assigned the State Treasury to carry out, much lower than the same period in 2013, 2014, and 2015. The State Treasury said that the rate of the disbursement of investment capital in basic construction was low, which not only reduced the efficiency of capital investment and wasted investment capital of the State, but also caused negative impacts on economic growth in the short term.

Thus, on July 8, 2016, the Government issued Resolution No. 60/NQ-CP on the tasks and key measures to accelerate the implementation of disbursement of public investment plans in 2016, in order to strive for 100% of the plan on public investment in 2016 and raise the efficiency of using the State budget. Under the direction of Resolution No. 60/NQ-CP, the State Treasury has actively implemented a series of measures to accomplish the assigned tasks effectively.

After Resolution 60 was enacted, the leaders of the State Treasury directed local Treasury in the provinces and cities to actively review the disbursement of the investment capital plan for each project in 2016. In addition, local Treasury should coordinate with financial agencies at all levels and investors to understand the causes and problems, especially for those projects with a low rate of disbursement (below 30%) to report to the competent authorities to take strict measures to handle in a timely fashion.

With such efforts, by September 30, 2016, the accumulated capital for the disbursement of investment capital in basic construction through the State Treasury had reached 176,034.9 billion vnd. This figure accounted for 53.4% of the capital plan in 2016 which the Government assigned the State Treasury to accomplish. According to reported data, there were positive changes in the disbursement of investment capital in 3 months of implementation of Government Resolution No. 60/NQ-CP (July, August and September). Specifically, the capital for the disbursement of investment capital in basic construction through the State Treasury was 84,644.1 billion vnd, accounting for 48.1% of the total investment capital from the beginning of 2016 to date, equivalent to 92.6% of the disbursed capital in the first 6 months of 2016.

Striving for the disbursement of nearly 154,000 billion vnd

According to the State Treasury, from now to the end of 2016, the investment capital in basic construction to be disbursed is about 153,738.8 billion vnd (not including the additional funds from now to the end of the year). In order to accelerate disbursements, and strive for 100% of the plan on public investment in 2016, in the last months of the year, the State Treasury will continue to coordinate with Ministries and localities to take measures to remove difficulties and direct investors to accelerate the completion of dossiers (including the addition, adjustment, examination and approval of projects, cost estimates and approval of designs and accomplishment of payment records, etc) as a basis for the State Treasury to control and handle.

In particular, the State Treasury will resolutely refuse improper payments from projects or lack of prescribed procedures. In addition, the State Treasury will also monitor the disbursement of investment capital for each provincial project, including investment projects from domestic sources and projects using ODA capital, and report to the Ministry of Finance to make recommendations to the Government for adjustment of the project capital.

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The State Treasury will direct local Treasury at all levels to comply with Treasury regulations on advance payment and the recovery of investment capital in basic construction. Besides, the State Treasury will coordinate with project investors to check the advanced capital to recover the backlog of unused or used capital for improper purposes; and is responsible for the recovery of the advanced capital reaching 80% of the contract value.